Offshore banks

mtajim · 07-19-2007

Does opening offshore bank account and puttting all your money into it saves you from taxes. Wont the country that these banks are in charge any kind of tax or fees for providing such services.

Jerlene · 07-25-2007

It depends on where you're from and what country you'll be keeping your money at.

I'm in the U.S. so if I decided to put my money into a Swiss bank, the U.S. couldn't charge me taxes. Of course I would need to pay fees, just like any other bank.

whooped · 08-20-2007

Well, this won't save you from income tax, if you earn in the country where you live. The country wont charge any taxes, usually, but the bank will charge fees depending on your balance.

Jerlene · 08-21-2007

Quote:

Well, this won't save you from income tax

Yes it will.

scoopy301 · 09-26-2007

By opening a account in a offshore bank and putting all your money in that account can save you from tax but it all depends on the rules of that country

07-19-2007	#1 (permalink)
mtajim Junior Member Join Date: Jul 2007 Posts: 21 Rep Power: 0	Offshore banks Does opening offshore bank account and puttting all your money into it saves you from taxes. Wont the country that these banks are in charge any kind of tax or fees for providing such services.

07-25-2007	#2 (permalink)
Jerlene Senior Member Join Date: Mar 2007 Posts: 1,077 Rep Power: 3	It depends on where you're from and what country you'll be keeping your money at. I'm in the U.S. so if I decided to put my money into a Swiss bank, the U.S. couldn't charge me taxes. Of course I would need to pay fees, just like any other bank. __________________ 1 \| 2 \| 3 \| 4 \| 5 \| 6 \| 7

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08-20-2007	#3 (permalink)
whooped Junior Member Join Date: Aug 2007 Posts: 20 Rep Power: 0	Well, this won't save you from income tax, if you earn in the country where you live. The country wont charge any taxes, usually, but the bank will charge fees depending on your balance.

09-26-2007	#5 (permalink)
scoopy301 Member Join Date: Sep 2007 Posts: 50 Rep Power: 1	By opening a account in a offshore bank and putting all your money in that account can save you from tax but it all depends on the rules of that country

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